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Can you summarize MICL, Act 29 of 1995?
ESCHEATS > UNIFORM UNCLAIMED PROPERTY ACT (567.221 - 567.265)
Short Summary
The Uniform Unclaimed Property Act in Michigan governs the handling of unclaimed property. It applies to various entities, including business associations, utilities, insurance companies, banking organizations, financial organizations, and individuals. The act establishes requirements for reporting and delivering unclaimed property to the administrator. It also outlines provisions for the sale of abandoned property, the treatment of outstanding travelers checks and money orders, the presumption of abandonment for various types of property, and the publication of notices for unclaimed property. The act includes exemptions for certain types of property, such as property with a value of $25.00 or less, property subject to other specific statutes, and property held in a foreign country or arising from a foreign transaction. The act imposes civil penalties for non-compliance or violation, including fines, imprisonment, or both. However, the administrator has the authority to waive interest and civil fines. Overall, the act provides a framework for the administration and regulation of unclaimed property in Michigan.
Whom does it apply to?
The act applies to persons or entities holding unclaimed property, including business associations, utilities, insurance companies, banking organizations, financial organizations, and individuals.
What does it govern?
The Uniform Unclaimed Property Act governs the handling of unclaimed property in Michigan.
What are exemptions?
The act does not apply to property with a value of $25.00 or less, property subject to other specific statutes, property held in a foreign country, property arising from a foreign transaction, property held in a safe deposit box or other safekeeping repository, property held for the owner by a court or government entity, property held in a fiduciary capacity, gift certificates issued by retail businesses, outstanding travelers checks, money orders, or similar written instruments, and certain credit balances, overpayments, deposits, refunds, discounts, rebates, credit memos, or unidentified remittances between associations.
What are the Penalties?
The act imposes civil penalties for willful failure to comply with reporting or delivery requirements, willful failure to pay or deliver property, and willful refusal to comply with written demands by the administrator. The penalties include fines, imprisonment, or both. However, the administrator may waive the interest and civil fines.
Jurisdiction
Michigan